I made this, based on instructions from the book Complete Crafts, that I found recently. It was basically an experiment, and I was trying to use up some yarn so the colours aren't my favourite, but I'm pretty happy with the technique. It would probably come in handy for bag handles and stuff (if I was going to crochet a bag), because it's a bit more solid than crochet, and I can make it in the same colour scheme as the hypothetical bag.
But this is a belt, not a bag handle. To be honest I like the dangly plaited ends, I can flick them around. Hee hee!